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- Oil remains below MA 200 H1
Oil remains below MA 200 H1
Yesterday, Brent oil traded lower and closed the day in the red zone around the price of 85.05. Today, oil traded in a narrow range of 84.70-05, remaining close to yesterday's closing price. On the hourly chart, Brent is still trading below the moving average line MA (200) H1 (85.50). The situation is similar on the four-hour chart. Based on the above, it is probably worth sticking to the southern direction in trading and while Brent remains below MA 200 H1, it may be necessary to look for entry points to sell for the formation of a correction.
- Resistances levels are at: 85.85-05, 86.75-85, 87.45
- Support levels are at: 84.45, 83.60-70, 81.95-82.20
Probably, the main scenario is a resumption of decline to 84.45 (Jul 18 low).
The alternative scenario is consolidation above MA 200 H1 with subsequent growth to 88.50 (Jul 5 high).
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